Property Overview & Appeal
720 Fleming Avenue presents a compelling opportunity in Winnipeg's Munroe East neighborhood. Its primary appeal lies in the combination of a generously sized lot and a solid assessed value within its immediate area. At just over 5,400 sqft, the land parcel is notably larger than most on its street and in the broader neighborhood, ranking in the top 2% and 24% respectively. This offers valuable outdoor space and potential. The home itself, built in 1957, is of a typical size and vintage for the area, with about 1,022 sqft of living space. The standout characteristic is its assessed value of $34.40k, which ranks in the elite top 5% on Fleming Avenue and above average for Munroe East, suggesting a strong valuation foundation relative to its direct peers.
This property would suit practical, value-conscious buyers. It's ideal for someone looking for a manageable-sized home with a larger-than-average yard in a stable neighborhood, possibly a first-time buyer, an investor, or someone seeking a long-term hold. The data indicates you are paying a premium in assessed value for the address, but receiving a premium lot size in return—a trade-off that favors outdoor space and future potential over a recently built or oversized home. It's a property that wins on its specific street and neighborhood metrics rather than city-wide comparisons.
Frequently Asked Questions
1. How does the sold price history inform the current value?
The home sold twice in recent years (2016 and 2023) within the same price range ($300k-$350k). This consistency, coupled with its current assessed value ranking highly on its street, suggests a stable market value in line with recent area activity.
2. What does the "Elite" assessed value ranking on the street mean?
It means this home's official assessed value is among the highest on Fleming Avenue (top 5%). This often reflects a combination of the larger lot size, the home's condition, and improvements. It's a positive indicator for equity, but also means property taxes will likely be at the higher end for the immediate block.
3. Is the lot size a significant advantage?
Yes, especially locally. The lot is over 550 sqft larger than the street average and significantly above the neighborhood average. This provides more privacy, yard space, and potential for additions, gardens, or outdoor living areas than many nearby properties.
4. The living area is below the city-wide average. Is that a concern?
Not necessarily for the target market. While smaller than the Winnipeg average, the home's size is very typical for Munroe East and its own street. It indicates a compact, efficient layout that may appeal to those seeking lower maintenance and utility costs.
5. The home was built in 1957. What should I consider?
A home of this age will likely have had major systems updated over time. A key priority for any inspection would be the condition of the roof, wiring, plumbing, and foundation. Well-maintained homes from this era, however, are known for their solid construction and character.